Between June 1 and June 4, SushiSwap's network emerged from months of relative dormancy. Daily trading volume surged from a baseline of roughly $5 million to nearly $39 million, while active addresses climbed to a 6-month high of 491, compared to a prior average of approximately 150.

At first glance, the price action appears bearish. SUSHI rallied toward $0.246 before being rejected and falling back to around $0.206, a move many traders would classify as a failed breakout.

However, the on-chain data presents a very different picture. During the same period of peak price and volume activity, Binance recorded two of the largest single-day SUSHI outflows seen in recent months: 2.77 million tokens on June 3 and 2.61 million tokens on June 4.

This behavior is the opposite of what is typically observed during speculative rallies. When retail participants drive a price spike, exchange inflows generally increase as holders move tokens onto exchanges to sell into strength.

Instead, net flows turned sharply negative precisely when market activity peaked. This suggests that larger participants were absorbing available spot supply and withdrawing tokens from Binance rather than leaving them on the exchange for immediate resale.

The combination of:

A 6-month high in network activity

A 7-day average netflow of -170,000 SUSHI

Multi-million token exchange withdrawals during a period of elevated trading activity

creates a notable divergence between price action and on-chain behavior.

Whether this reflects genuine long-term accumulation or a shorter-term capital rotation remains uncertain. Nevertheless, the contrast between a sharp price rejection and persistent exchange outflows suggests that underlying demand may be stronger than the chart alone implies.

Written by CryptoOnchain